$GOOGL Down nearly 4% in a day, currently at 342.94.
JPMorgan raised its price target from 420 to 425. Just a $5 increase—not much to read into.
Trading volume was $208 million, so there was activity, but money is flowing out and the longs are taking a beating.
I think JPMorgan's move is just a formality. Don't read it as good news. The real pressure is that the stock had risen too much before, and sellers are heading for the exits.
If 342 doesn't hold, look lower. I'll admit I'm wrong only if it gets back above 350. If you're holding a position, keep a close eye on it.
#GOOGL #News
JPMorgan raised its price target from 420 to 425. Just a $5 increase—not much to read into.
Trading volume was $208 million, so there was activity, but money is flowing out and the longs are taking a beating.
I think JPMorgan's move is just a formality. Don't read it as good news. The real pressure is that the stock had risen too much before, and sellers are heading for the exits.
If 342 doesn't hold, look lower. I'll admit I'm wrong only if it gets back above 350. If you're holding a position, keep a close eye on it.
#GOOGL #News